A PYMNTS Company

Australia: Bid-rigging allegations after company bought, sold in same day

By  |  November 12, 2012

Authorities have now raised concerns over a Canadian mining company that was apparently bought and sold in the same day. The concerns have lead to allegations of bid-rigging by U.S. firm Castle Harlan Inc and Australian engineering firm Bradken Ltd. Swiss-based Pala Investments sold its mining company Norcast Wear Solutions in July of last year to Castle Harlan for $190 million; the same day, Norcast was again sold to the Australian company for an additional $19 million. Pala has brought a case to the Federal Court in Melbourne, accusing Bradken of bid-rigging; Bradken has responded to the allegations denying any deal with Castle Harlan.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Full Content: Reuters

    We’d love to be your preferred source for news.

    Please add us to your preferred sources list so our news, data and interviews show up in your feed. Thanks!

    Add as Preferred Source

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.